Hon. Colin Deacon: Welcome to the Senate, minister. You know that 40% of Canadians live in places with fewer than 100,000 people, and rural communities are too often underserved by our financial system. I will build on Senator Moncion’s question.

This is an especially alarming problem because banks continue to close branches in small and remote communities, restricting the ability of people to continue to live and operate their businesses. Finance Canada is in the process of designing and implementing an open banking regime. I have to believe that this can provide hope to our underserved rural communities. To what extent is open banking being considered as a complimentary tool to help address this worrying problem that is undermining livelihoods and economic potential in rural Canada?